UOB A-Share ETF update (now United SSE 50 China ETF)

UOB Asset Management originally intended the launch of United FTSE/Xinhua China A50 ETF.

The underlying index has been replaced with the Shanghai Stock Exchange 50 Index instead of the earlier China A50 index. Noticeably, the replacement sharpens focus only on the top 50 largest stocks reflecting liquidity and broad representation concentrated in the Shanghai security market.

The fund will be renamed United SSE 50 China ETF.

Investors who have earlier pumped monies at the $2.50 NAV are offered the buyback option at either $2.50 or the higher prevailing NAV at point of redemption. This will last till noon of 25 Nov 2009.

More info reported at CNA or found from UOBAM announcement.